I have been reading and posting here for several months. I noticed several people said they are using credit cards to buy Y2K items. I did the same, but had planned to pay it all off with a 401K loan, but I can't get my money till the new year. Well the card company has been raising my rate from 12.9 in April when I had a little balance, then slowly raised it up to 17.2 the last 2 months. I had previously called them to ask if they would reduce it, and in the past they have because I pay on time. Well here is the glitcher, I called last month asked to reduce my rate, they said: Oh we can't your over your limit" I said geez i didnt know I was.(it turned out to be their interest that did it) But then the rep said, but let me see if we can raise your limit. I waited and she came back on and said, "yes you have been aproved for 9000.oo. " I said ok, that sounds good. I knew I was just keeping this card till the January. Well I called this friday again just to see if they would lower my rate. I was ready for them I am a good customer and could go elsewhere, it worked before.. Well when I asked, I was told a flat NO. I asked why? I was told that it was going up to 25 percent!!! I almost took a heart attack! I didn't understand why and asked what was going on. I was told "It's a corporate decision. " Well then I said hey what are you trying to do to people.'I was then transfered to a Loan specialist who informed me they were raising my rate because in July they pulled a credit report and saw I had not kept payments up with a creditor.. I insisted it was Not true.and asked what credit reporting company it was from? They could not answer saying it was not in the computer, but insisted they had wrote me in July about it.)all I got was a letter about Y2K and a brochure that had how they figure the interest rate, I saw high percents in the brochure but never thought it applied to me, I was a good customer). I then asked why did they give me an increease if they were raising my rate.. The women couldn't answer me. She told me they couldn't lower my rate unless I could prove to them the info was wrong!! (it appears in their agreement if you default with a creditor they will no longer honor their lower rate and will push you to the deadbeat zone) Well Friday I called All the companies I owe money I wanted to see who it was. Guess what.. not one had a bad thing to say about me, I was told I was A-1 one after another, including my Light company, and Phone.

So people get your Credit Report now and go through it before Y2k. because I smell a rat here.

By the way the bank is Fleet Bank of Delaware. On Friday they send me a letter saying I am a valued customer and were offering me a rate of 8.99 if I would transfer a balance from another credit card but couldn't use it to readjust exsisting rates. lol.

Has anyone else had a problem like this.. The errors are starting, and I am psst...

-- Cassandra (american_storm@usa.net), September 18, 1999

Answers

Sign me to the club same here, same thing. It is hell and they are the devils!

-- ET (bneville@zebra .net), September 18, 1999.

You have to keep on the move. There really aren't any other good options. When I had a big credit card debt, I kept getting these offers for like 3.9%, good for 6 months. Of course, it takes a month to transfer the balance, so you only get 5 months. And you have to transfer at least X dollars but not more than Y dollars, and if you put any cash on some cards before the intro period is up they yank the entire balance up to 25% immediately or some such (READ THE FINE PRINT!!!).

But by putting our debt onto about 4 introductory offers and rotating one every month or so to the next new offer, we were able to keep the entire debt at 3.9% until it was gone. And once that period is over, they do NOT tell you about it, you are responsible for knowing when that introductory rate expires, and getting your money onto another card first. And you can't get competitive deals very easily. With some banks, we found that we could say, well, Bank ABC offers a "permanent" 9%, and you're at 22%, so if you can't match ABC, we will transfer our balance to them. And the answer was always, OK, transfer it. Our rate is 22%, take it or leave it!

So you have to leave it. You have to be switching balances around constantly. But if you've got over $5,000 on credit cards, it's a bargain for the 20 minutes a month on the phone.

-- Flint (flintc@mindspring.com), September 18, 1999.

Thanks Flint: I have been with this bank for 3 years, always had a low rate, and when they would raise it I would ask then to lower it, they never had a problem always loweredit for me.. My husband thinks someone made a mistake either at the bank or my credit report..

-- Cassandra (american_storm@usa.net), September 19, 1999.

Fleet is notorious for this little scam and so is Providian. Word to the wise.

-- April (Alwzapril@home.com), September 19, 1999.

Fleet is the WORST!!! I wish I (we) could file a class action lawsuit against them. I cannot believe that this bull---- is being allowed to go on. Couldn't we boycott them i.e., nobody pay their bill? If anyone holding a Fleet Credit Card had bad credit with them, what could other creditors do. Ignore anyone that had been with Fleet, or decide not to pull that crap themselves?

We have got to get organized and stop this crap soon! (Assuming there will be any concern about this is 3 months)

Hoping for the best for Y2K, but hoping FLEET crumbles to pieces.

-- Gregg (g.abbott@worldnet.att.net), September 20, 1999.

MBNA did this to me recently, although I have a *perfect* credit rating. Rasied it from 13.9% to 19.8%. However, if you read the small print, you have an option to NOT accept the changes, quit using the card, and stay at the previous rate. I guess after years of not carrying much of a balance, when mine has shot up to $9000 over the course of the year, they got a little nervous. Think I should tell them that I have been charging my everyday living expenses this year (gas, groceries etc) and stashing the cash I would normally have used to pay for it under the mattress? Naw, guess I'll just send them that (certified - return receipt requsted) letter not accepting the changes....

-- Arachnid (spider@web.net), September 20, 1999.